Reconsidering Colonial Maryland's Bills of Credit: 1767-1775

12 Pages Posted: 24 Jan 2018

See all articles by Ronald W. Michener

Ronald W. Michener

University of Virginia - Department of Economics

Date Written: January 3, 2018

Abstract

In a recent article in the Economic History Review, Celia and Grubb liken colonial Maryland’s dollar-denominated bills of credit to discount securities, circulating at less than their face value. This note argues that the bills in question circulated at par with specie and were treated as interchangeable with specie dollars. Celia and Grubb arrive at their conclusion by misstating the par of exchange.

Keywords: colonial, Maryland, currency, bills of credit, redemption theory, backing theory, money, monetary history

JEL Classification: N11, N21, N41, E59

Suggested Citation

Michener, Ronald W., Reconsidering Colonial Maryland's Bills of Credit: 1767-1775 (January 3, 2018). Available at SSRN: https://ssrn.com/abstract=3103312 or http://dx.doi.org/10.2139/ssrn.3103312

Ronald W. Michener (Contact Author)

University of Virginia - Department of Economics ( email )

P.O. Box 400182
Charlottesville, VA 22904-4182
United States

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